Silgan (NYSE:SLGN) Reaches New 1-Year High – Here’s Why

Silgan Holdings Inc. (NYSE:SLGN) shares reached a new 52-week high on Thursday . The company traded as high as $55.48 and last traded at $55.46, with a volume of 106144 shares traded. The stock had previously closed at $54.77.

Wall Street Analysts Forecast Growth

SLGN has been the topic of several recent research reports. Truist Financial restated a “buy” rating and set a $59.00 target price (up from $56.00) on shares of Silgan in a research report on Thursday, August 1st. StockNews.com cut Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Robert W. Baird increased their target price on Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Wells Fargo & Company upped their price target on shares of Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Finally, Citigroup lifted their price objective on shares of Silgan from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.43.

Silgan Stock Performance

The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.42 and a beta of 0.67. The firm’s 50-day moving average price is $52.05 and its two-hundred day moving average price is $48.78. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.75 and a current ratio of 1.09.

Silgan (NYSE:SLGN) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.02). The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.82 billion. Silgan had a return on equity of 18.76% and a net margin of 5.11%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 EPS. On average, analysts expect that Silgan Holdings Inc. will post 3.6 EPS for the current fiscal year.

Silgan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Monday, December 2nd. Silgan’s dividend payout ratio (DPR) is presently 27.54%.

Institutional Trading of Silgan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of Silgan by 256.6% in the second quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock valued at $25,000 after buying an additional 426 shares during the last quarter. Versant Capital Management Inc grew its position in Silgan by 2,838.5% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the industrial products company’s stock worth $49,000 after buying an additional 1,107 shares during the period. GAMMA Investing LLC lifted its position in shares of Silgan by 109.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,171 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 613 shares during the period. Covestor Ltd raised its holdings in Silgan by 69.7% during the first quarter. Covestor Ltd now owns 1,125 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 462 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Silgan during the second quarter worth $70,000. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Company Profile

Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging solutions for consumer goods products in the United States and internationally. It operates through three segments: Dispensing and Specialty Closures, Metal Containers, and Custom Containers. The Dispensing and Specialty Closures segment offers a range of metal and plastic closures, and dispensing systems for food, beverage, health care, garden, home, personal care, beauty products, and hard surface cleaning products, as well as capping/sealing equipment and detection systems.